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Investigating price performance on initial public offers: a comparative analysis of the Johannesburg Stock Exchange and the Nigerian Stock ExchangeMutemeri, Pauline 06 1900 (has links)
Abstracts in English, Afrikaans and Zulu / The advancement and development of the financial sector is fundamental for building an efficient economic system that enhances foreign and domestic investments. The aim of this study was to compare the relationship between the price performance of initial public offerings and macroeconomic indicators in the South African and the Nigerian economy. With the increase of IPO listing on both stock exchanges, it is of paramount importance that an analysis and examination of IPO performance and its contribution to the economy is conducted. Using the 91 and 19 initial public offerings that were listed on the Johannesburg Stock Exchange and the Nigerian Stock Exchange respectively during the years 2005 to 2015, price performance was measured by using the market-adjusted abnormal returns and the wealth relative model. The linear ordinary least squares regression model was used to measure the relationship between initial public offering performance and macroeconomic indicators. Based on the mean market adjusted returns, initial public offerings listed between 2005 and 2015 were under-priced. The regression model established that the first day, week and month price changes in Nigeria were 0.19, 0.48 and 0.77 times higher respectively than to South Africa. The regression analysis found that inflation and interest rates were positively correlated with price changes at the end of the first month of trade, whereas gross domestic product growth was not statistically significant. Therefore, to evade financial loss, investment decision making processes should consider factors such as geographic location, interest rates, inflation and the industry prior to making the decision. / Die bevordering en ontwikkeling van die finansiële sektor is fundamenteel vir die ontwikkeling van ʼn doeltreffende ekonomiese stelsel wat buitelandse en binnelandse investering aanmoedig. Die doel van hierdie studie was om die verhouding tussen die prysprestasie van aanvanklike openbare aanbiedinge en makro-ekonomiese aanwysers in die Suid-Afrikaanse en Nigeriese ekonomie te vergelyk. Met die toename in AOA-notering op albei aandelebeurse, is dit uiters belangrik dat ’n ontleding van en ondersoek na AOA-prestasie en sy bydrae tot die ekonomie uitgevoer word. Deur gebruikmaking van die 91 en 19 aanvanklike openbare aanbiedinge wat onderskeidelik op die Johannesburgse Effektebeurs en die Nigeriese Effektebeurs gedurende die tydperk 2005 tot 2015 genoteer is, is prysprestasie gemeet deur gebruikmaking van die markaangepaste abnormale opbrengste en die rykdomrelatiewe model. Die lineêre gewone kleinste kwadrate-regressiemodel is gebruik om die verwantskap tussen die prestasie van aanvanklike openbare aanbod en makro-ekonomiese aanwysers te meet. Op grond van die gemiddelde markaangepaste opbrengste was aanvanklike openbare aanbiedinge wat tussen 2005 en 2015 genoteer is, onderprys. Die regressiemodel het vasgestel dat die eerste dag-, week- en maandprysveranderinge in Nigerië onderskeidelik 0.19, 0.48 en 0.77 keer hoër as in Suid-Afrika was. Die regressieontleding het bevind dat inflasie en rentekoerse ’n positiewe korrelasie gehad het met prysveranderinge aan die einde van die eerste handelsmaand, terwyl bruto binnelandse produk se groei nie statisties beduidend was nie. Derhalwe, om finansiële verlies te ontduik, behoort investeringbesluitnemingsprosesse faktore soos geografiese ligging, rentekoerse, inflasie en die bedryf in aanmerking te neem voordat besluite geneem word. / Ukuqhubekela phambili kanye nentuthuko yomkhakha (sector) yezezimali kubalulekile ekwakheni inqubo yezomnotho esebenza kahle neqhubekela phambili ukutshalwa kwezimali zangaphandle kanye nezangaphakathi ezweni. Inhloso yalolu cwaningo bekuwukuqhathanisa ubuhlobo phakathi kokusebenza kwentengo yama-initial public offerings kanye nezinkomba zama-macroeconomic kumnotho weNingizimu Afrika kanye nowase-Nigeria. Ngokwenyuka kwe-IPO listing kuwo womabili ama-stock exchange, kubaluleke kakhulu ukuthi kwenziwe uhlaziyo nohlolo lokusebenza kwe-IPO kanye nomthelela wakho kumnotho kumele kwenziwe. Ngokusebenzisa ama-initial public offerings ka 91 no 19 kwi-Johannesburg Stock Exchange kanye nakwi-Nigerian Stock Exchange ngokuhambisana phakathi kweminyaka ka 2005 kanye no 2015, ukusebenza kwamanani entengo kwakalwa ngokusebenzisa ama-market-adjusted abnormal returns kanye ne-wealth relative model. Imodeli ye-linear ordinary least squares regression model kwasetshenziswa ukukala ubuhlobo phakathi kwama-initial public offering performance kanye nezinkomba ze-macroeconomic. Ngokulandela i-mean market-adjusted returns, ama-initial public offerings okwafakelwa kuhla phakathi kweminyaka ka 2005 kanye no 2015 kwakufakelwe ngentengo ephansi. I-regression model yathola ukuthi ngosuku lokuqala, ngeviki, kanye nenyanga, ukushintsha kwamanani entengo eNigeria, kwakungu 0.19, 0.48 kanye ne 0.77 ngezihlandla eziphezulu kuneNingizimu Afrika. Uhlaziyo lwe-regression analysis lwathola ukuthi i-infleshini kanye namazinga enzalo achaphazeleka ngendlela enhle ngokuhambisana noshintsho lwentengo ekupheleni kwenyanga yokuqala yokuhwebelana, lapho khona ukukhula kwe-gross domestic project kwakungakhulile kakhulu ngokwezibalo. Ngakho-ke, ukugwema ulahlekelo kwezezimali, izinqubo zokuthatha izinqumo ngotshalo-mali kumele kubonelele izinto ezifana nendawo okuyi-geographical location, amazinga enzalo, i-infleshini kanye nemboni ngaphambi kokuthatha isinqumo. / Finance, Risk Management and Banking / M. Com. (Business Management)
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The process of retrenchment in a public institution with reference to the independent electoral commissionTshifura, Khaukanani Obadiah 30 June 2004 (has links)
The dissertation examines the process of retrenchment in a public institution with reference to the execution of such a process by the Independent Electoral Commission (IEC). The aim is to establish whether or not the retrenchment was substantively and procedurally fair as required by legislation.
Notwithstanding the fact that the staff may have been disadvantaged by the short retrenchment notice (the staff did not have representation prior to the announcement, and the swiftness of the process did not, under the circumstances, provide the staff with enough time to comprehensively apply their mind to the underlying issues), the dissertation finds that the retrenchments had been substantively fair given the fact that the IEC could not retain all staff because of budgetary constraints. The dissertation also finds that the process had been procedurally fair in accordance with section 189 of the Labour Relations Act, 66 of 1995. / Public Adminstration & Development Studies / M.A. (Public Administration)
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Factors contributing to academic performance of students in a private university in KenyaKarimi, Florah K. 31 December 2008 (has links)
This study aimed at identifying the models that best explain the student-related factors that contribute to the academic performance of students in the university. Students' final high school grade, English Language proficiency, self-regulatory learning strategies and extrinsic goal orientation are observed to generally have direct effects on the academic performance of the students in the university, while attitudes, intrinsic goal orientations, personality traits and age have indirect effects. Student mentors need to understand the factors that contribute to the academic performance of undergraduate students. Further research is also deemed necessary in other universities in Kenya in order to establish whether similar results would be obtained. / Educational Studies / D. Ed. (Philosophy of Education)
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The impact of the education management system on the effectiveness of secondary schools in LesothoLekhetho, Mapheleba 11 1900 (has links)
The primary purpose of the study was to investigate the factors that cause most Lesotho
secondary schools to perform poorly in the Cambridge Overseas School Certificate
examinations. The findings of the study show that the problems that contribute to the
ineffectiveness of most secondary schools are multiple and interrelated. These problems
can be identified at the macro or policy-making level at the Ministry of Education, and at
the micro or the individual school level.
At macro level, there appears to be a lack of adequate capacity among the senior
management staff to perform the management and governance functions effectively, so
that substantive improvement could be realised in the day-to-day operations, and
academic results of schools. An upshot of this is that the professional support that the
Ministry of Education provides to secondary schools is inadequate. Furthermore, despite
the deepening poverty in Lesotho, the state does not provide textbooks to learners in
secondary schools. Consequently, many learners do not have all the textbooks, and this
affects their learning negatively.
At micro level, the problems that contribute to the ineffectiveness of most secondary schools include teacher tardiness, teacher absenteeism and a lack of learner
determination. It is contended that these factors indicate that the management of the school principals is weak. Moreover, because of poverty, many parents fail to pay school fees for their children on time. As a result, many learners are frequently sent back home by the principals to fetch money, and this reduces their academic learning time. The study also revealed that prior academic achievement of learners in primary schools is, to a large
extent, a major predictor of their achievement in secondary schools. In this regard, the highly effective schools, which have selective admission policies and accept mainly Form A applicants, tend to consistently outperform the average and less effective schools, which have open admission policies.
In order to improve the academic performance of secondary schools, it is recommended that the Ministry of Education officials, principals, teachers and learners should work more diligently and refocus their efforts on the core business of schools, namely, teaching and learning. / Teacher Education / D. Ed. (Education Management)
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Invloed van denkontwikkeling op die aanleer van Afrikaans as tweede taal by hoërskoolleerders / The influence that thought development has on high school students when learning Afrikaans as a second languageNoke, Daisy Deseré 11 1900 (has links)
Text in Afrikaans / Die doel van die ondersoek sentreer rondom die verband tussen denkontwikkeling (‘n kognitiewe veranderlike) en prestasie in Afrikaans as tweede taal. Denkont-wikkeling is egter nie die enigste kognitiewe veranderlike wat prestasie in ‘n taal kan beïnvloed nie. Verbale begrip en geheue is ook as vername kognitiewe verander-likes geïdentifiseer.
Affektiewe veranderlikes soos motivering, selfkonsep en angs, kan ook met prestasie in Afrikaans as tweede taal in verband gebring word.
‘n Empiriese ondersoek is uitgevoer waarby 174 hoërskoolleerders betrek is. Kognitiewe en affektiewe veranderlikes, asook leerstyl, is gemeet.
Uit die empiriese ondersoek blyk dit dat selfkonsep, geheue, verbale begrip en motivering as die vernaamste veranderlikes beskou kan word wat met prestasie in Afrikaans as tweede taal verband hou. Denkontwikkeling is nie as ‘n vername faktor geïdentifiseer nie.
Die bevindinge in die literatuurstudie en die empiriese ondersoek is bespreek om ouers en onderwysers van riglyne te voorsien om prestasie in Afrikaans te verhoog. / The aim of the research focusses on the relationship between thought development (a cognitive variable) and achievement in Afrikaans as a second language. Besides thought development, verbal understanding and memory recollection are also identified as distinctive cognitive variables.
Affective variables such as motivation, self-concept and anxiety could also relate to performance in Afrikaans as a second language.
Empirical research was conducted amongst 174 High School learners. Cognitive variables, affective variables and learning styles were measured.
Resulting from the empirical research, it appears that self-concept, memory recollection, verbal comprehension and motivation are the main variables that impact on the performance of Afrikaans as a second language. Thought process development was not identified as a main factor.
Results from the literature study and the empirical research are discussed in order to assist parents and teachers with guidelines to increase achievement in Afrikaans as a second language. / Psychology of Education / M. Ed. (Sielkundige Opvoedkunde)
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The Interpretation of children's drawings : guidelines for teachersNoqamza, Mtandiwesizwe Patriot 01 1900 (has links)
The primary aim of this research was to determine whether teachers in their initial
or in-service training have acquired a basic knowledge of the interpretation of
children's drawings of human figure.
A literature study was done in which the focus was placed on major aspects such
as:
• The normal development of children's drawings according to different stages,
and
• Those drawings that deviate from the normal development and their implications.
• Reliability of children's drawings as a projective tool.
A measuring instrument was developed in order to measure the basic knowledge
of teachers with regard to the interpretation of children's drawings of human figure.
The results of the empirical research indicated that teachers have limited basic
knowledge with regard to the interpretation of children's drawings. The educational
implications with reference to teachers, education system and other professionals
were discussed. Recommendations for further research on similar topics were made. / Educational Studies / M. Ed. (with specialisation in Guidance and Counselling)
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Guidelines for the teaching of reading in the intermediate phase within the context of inclusionLategan, Irene Anne Stewart 11 1900 (has links)
As theories on the process of reading have advanced so definitional changes have
resulted. This in turn has impacted on the teaching of reading. Comprehension is not
the result of successful word recognition, rather, meaning is constructed by the reader
using various sources as a frame of reference. Reading requires an interaction between
the reader, the text read and the context in vvhich it is read. Reader factors involve
language competencies, prior knowledge, vocabulary, the use of strategies and
attitudes and motivation. The text may be narrative or expository and encompasses
instructional materials. The tvvo broad categories in the context are the classroom
setting and the instructional context.
An 'interactive' or 'organisational' paradigm underlying inclusion recognises individual
differences as being a probable cause of failure but postulates that the school and all
that it encompasses, can be a barrier to learning and development. As such it is not
deficit driven, attributing failure to learners alone. In the case of reading, this means not
attributing reading failure to the reader alone but acknowledging the role of the text and
the context. This point of departure is confirmed by an interactive model of disability,
which, while still explaining reading deficits, advances that alternative areas also be
investigated. Focusing on abilities is conducive to proactivity in the prevention of
barriers to learning and development.
To be inclusive therefore, mainstream schools generally and classrooms specifically, will
need to be reformed and restructured to be more responsive to learners experiencing
barriers to learning and development. This will require enhanced teaching methods and
flexible support systems. Accommodating diversity presupposes the acknowledgement
of each learner's uniqueness in order to meet individual needs. This will be facilitated
when in the compilation of a reading programme to meet individual needs, the reader,
the text and context are matched through assessment and instruction .
A reading programme to enhance the teaching of reading and thereby meet individual
needs has been compiled and implemented in a mainstream, intermediate phase class.
From this practical experience and the literature studied, guidelines for the teaching of
reading have been formulated for teachers in the intermediate phase to use within the
context of inclusion. / Educational Studies / D. Ed. (Orthopedagogics)
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Recognition of Prior Learning (RPL) implementation in library and information science (LIS) schools in South AfricaHlongwane, Ike Khazamula 12 1900 (has links)
Owing to past injustices, the South African higher education sector is characterised by inequalities of resource allocation and of learning opportunities. Through the National Qualification Framework (NQF), recognition of prior learning (RPL) was established to address the previous inequalities in higher education and training.
RPL can be used as a mechanism to offer non-traditional learners such as workers, adult learners, and community workers access to learning programmes in Library and Information Science (LIS) schools. It can also be used for up-skilling within LIS sector, to enable staff to migrate from paraprofessional to professional roles. LIS schools could possibly use this approach to offer experienced but unqualified library workers opportunities for progressive professional development and career growth. Despite it being a national policy and its obvious benefits, very little is known about RPL implementation in LIS schools in South Africa. This study was conducted to investigate the nature of RPL implementation in LIS schools in South Africa and make recommendations for effective and efficient RPL practice in these schools.
The study used the questionnaire as the main data collection tool. In addition, document analysis was used to validate the collected data.
The results of the study indicated that there were islands of good RPL practice in LIS schools in South Africa specifically with regard to the aspect of RPL assessment process. However, certain weaknesses were identified in other aspects of RPL implementation in LIS schools including the policy environment, training of personnel conducting RPL assessment and the quality management systems.
Among other things, the study recommends that RPL quality management system (QMS) should ideally be driven by the head/chair of the school/department. Furthermore, an integrated student management system should be used to monitor the progression of RPL candidates through the formal academic system post RPL. / Information Science / D. Litt et. Phil. (Information Science)
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The impact of the National Qualifications Framework on Higher Education with specific reference to access, teaching and learning : a case studyMatentjie, Tshepiso 04 1900 (has links)
Thesis (MPhil)--University of Stellenbosch, 2005. / ENGLISH ABSTRACT: The purpose of this study was to investigate the impact of the NQF on higher
education institutions focussing specifically on access, teaching and learning. The
study aimed to answer the following research questions: What was the impact of
the NQF on increasing access to higher education? In particular how did the RPL
process facilitate access into the University of Pretoria? Secondly, how did the
NQF influence the processes of teaching and learning at this particular institution?
And finally, why did the NQF have differential impacts on different faculties within
the same higher education institution? To gain the end-users’ perspective, a case
study of the University of Pretoria was conducted. Data was gathered using
interviews with ten senior members of staff at the university working in nine
different departments, and student records indicating admissions through RPL into
the University of Pretoria as well as relevant institutional documents.
The findings suggest that the impact of the NQF on access, teaching and learning
differed across departments, resulting in a partial implementation of the policy. This
was facilitated by factors inherent in the policy itself and factors inherent to the
institution. The influence of external factors such as professional bodies on
teaching and learning practices of end-users at the University of Pretoria posed a
major challenge against NQF implementation. The motivations leading to NQF
implementation are not directly linked to the NQF policy per se, although they
resulted in portraying the extent of change to access, teaching and learning along a
continuum that distinguished between departments that ‘blindly complied’, that
selectively adapted and those that strategically avoided implementation of the
policy.
Indications for further research are that a wider look at the impact of the NQF on
access, teaching and learning in higher education is less revealing than a more
focussed investigation. Future research should zoom-in on individual departments
within higher education institutions to reveal the deeper and more nuanced impact
of the NQF. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie is om die impak van die NKR (NQF) op veral toegang, onderrig en
leer in hoër onderwysinstellings te ondersoek. Die studie poog om die volgende
navorsingsvrae te beantwoord: Watter impak het die NKR op toenemende toegang tot hoër
onderwys? Hoe fasiliteer die EVL-proses ("RPL process") toegang tot die Universiteit van
Pretoria? Hoe beïnvloed die NKR die onderrig- en leerproses aan hierdie spesifieke
instelling? Ten slotte, waarom het die NKR 'n differensiële invloed op verskillende fakulteite
binne dieselfde hoër onderwysinstelling? Ten einde die uiteindelike gebruiker se perspektief
te bepaal, is 'n gevallestudie aan die Universiteit van Pretoria uitgevoer. Data is ingesamel
uit onderhoude met tien senior personeellede wat in nege verskillende departemente werk,
studenterekords aangaande toelating tot die Universiteit van Pretoria deur EVL, en ook
relevante institutêre dokumente.
Die bevindinge impliseer dat die impak van die NKR op toegang, onderrig en leer van
departement tot departement verskil en dat dit lei tot 'n gedeeltelike implementering van die
beleid. Dié verskil is aangehelp deur faktore wat inherent is aan die beleid, maar ook faktore
inherent aan die instelling. Die invloed wat eksterne faktore soos professionele liggame op
die onderrig- en leerpraktyke van finale gebruikers aan die Universiteit van Pretoria het, is 'n
groot struikelblok vir die implementering van die NKR. Motiverings wat lei tot die
implementering van die NKR is nie noodwendig aan die NKR-beleid gekoppel nie, alhoewel
dit daartoe gelei het dat die mate van verandering in toegang, onderrig en leer op 'n
kontinuum aangedui is. Hierdie kontinuum onderskei tussen departemente wat die beleid
"blindelings navolg", ander wat dit selektief aanpas en nog ander wat die implementering van
die beleid strategies vermy.
Aanduidings vir verdere navorsing is dat 'n breë ondersoek van die NKR se impak op
toegang, onderrig en leer in hoër onderwys minder beduidend is as 'n meer spesifieke
ondersoek. Toekomstige navorsing behoort te fokus op individuele departemente binne hoër
onderwysinstellings ten einde 'n indringender en meer genuanseerde impak van die NKR te
bepaal.
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L’offre-finale baseball : un mécanisme arbitral particulier et utileBaroni, Anne-Gaelle 12 1900 (has links)
Cette étude aborde le sujet de l’arbitrage de l’offre-finale. L’étude vise tout d’abord à présenter la particularité de ce mécanisme arbitral au travers du prisme de l’arbitrage salarial pratiqué au baseball. Elle vise ensuite à promouvoir l’utilité de ce processus au sein de ce cadre sportif en proposant son emploi pour régler les litiges relatifs à la détermination du montant des indemnités de transferts des footballeurs professionnels européens. / The following is a case-study about final-offer arbitration. The first objective is to describe the uniqueness of this mechanism in the context of baseball salary-arbitration. The second is to promote the utility of this process, in the context of baseball salary-arbitration. For instance, it advocates for its use to determine appropriate fees to be paid for professional european soccer players transfers.
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